Choosing a Legal Structure for Your Business

One of the first, and most important business decisions you'll have to make when starting a business is deciding on a legal structure for operating your business.

Your choice will affect:

  • The extent of your personal liability for business debts
  • The amount of taxes you'll pay
  • The types of taxes you'll pay
  • The tax forms you'll use
  • Your filing deadlines
  • Your ability to raise capital
  • Your ability to attract employees
  • How you transfer ownership of your business
  • The cost of professional services to set up and maintain your business

Here are your choices:

File your personal and small business taxes (Schedule C)